As in OTL, OPEC is founded, but achieves more power than in OTL because of the USSR's rise.
In 1961, Libya, Iran, Iraq, Venezuela, Mexico and Angola met in Bahrain, Bahrain, to discuss the formation of a group of crude producers. They agreed to start operating a group named the Organisation of Petroleum Exporting Countries or the OPEC.
1962: The OPEC Reference Basket Price is established, with the Mexican Gulf Crude, Libyan Saharan Light, the Iraqi Northern Arabia Heavy Crude and the Iranian Persian Standard, as well as the non-member Norwegian North Sea Light and Kazakh Caspian Sea Heavy.
Algeria, Sudan, Malaysia, Indonesia and post-revolution Saudi Arabia (now Democratic Arab Islamic Republic of Arabia, or still Saudi Arabia by most) join.
1964: OPEC makes its first move when member state Iran drops production from 6.5 million bbl/d to 5.6 million bbl/d in protest of Western Europe's attack on its regime, verbally. In response to North Sea crude flooding the market, the members of OPEC cut production. Saudi Arabia drops production from 7.98 million bbl/d to just 6.98 million bbl/d, effectively crippling Middle East production. The new member of Kuwait also follows, dropping production from 2.645 million bbl/d to 1.9 million bbl/d. Indonesia, with its 1,200,350 bbl/d level, refuses to cut, so it is ordered by the OPEC to halt production by force.